April 25, 2018 / 6:20 AM / a month ago

BRIEF-Vodafone Announces Merger Of Bharti Infratel, Indus Towers

April 25 (Reuters) - Vodafone Group Plc:

* MERGER OF BHARTI INFRATEL AND INDUS TOWERS

* MERGER OF BHARTI INFRATEL AND INDUS TOWERS: CREATING A LISTED PAN-INDIA TOWER COMPANY

* MERGER OF BHARTI INFRATEL AND INDUS TOWERS: CREATING A LISTED PAN-INDIA TOWER COMPANY

* DEAL TRANSACTION VALUES INDUS TOWERS AT AN ENTERPRISE VALUE OF INR715BN

* ALL PROCEEDS FROM SALE OF 11.15% STAKE WILL BE FOR BENEFIT OF ENTITY RESULTING FROM MERGER OF VODAFONE INDIA AND IDEA GROUP

* BHARTI AIRTEL AND VODAFONE WILL JOINTLY CONTROL COMBINED COMPANY

* DEAL IS EXPECTED TO CLOSE BEFORE END OF FINANCIAL YEAR ENDING 31 MARCH 2019

* VODAFONE WILL BE ISSUED WITH 783.1M NEW SHARES IN COMBINED COMPANY, IN EXCHANGE FOR ITS 42% SHAREHOLDING IN INDUS TOWERS

* BHARTI AIRTEL AND VODAFONE HAVE AGREED A CAPITAL STRUCTURE AND DIVIDEND POLICY WHICH IS EXPECTED TO BE IMPLEMENTED POST COMPLETION Source text for Eikon: Further company coverage:

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